Open enrollment is defined as the annual period in which employees can make changes to their benefits for themselves and their dependents. For many companies, this period occurs at the end of the calendar year for the following year. Despite the fact that this enrollment period is a mechanism by which employees can take advantage (or fuller advantage) of employer subsidized benefits, HR teams still face challenges in getting employees to participate in the open enrollment period and often turn to enrollment incentives to encourage employees to participate, and do so on time.
The new year is a time when employees feel refreshed, ready to pick up new habits, fulfill 2023 resolutions, and take on more challenges. It is a unique moment on the calendar, and often in the fiscal year when employers have the chance to motivate employees to perform their best work and put practices in place that set them up for a successful work year.
Personal finance is ranked as a leading cause of employee stress in the United States each year. Neighborhood Trust Financial Partners found that nearly 50% of U.S. employees suffer from financial stress and The American Psychological Association conducted a study that concluded 72% of Americans have stressed over money at least once in the past month.
As the new year begins and the pandemic heightens, encouraging employees to set New Year’s resolutions both personally and professionally will help them achieve a better state of mental and physical health. Studies have shown that when a person sets and sticks to a goal, their self-esteem and overall outlook on life goes up. By incentivizing employees to set New Year’s goals, your organization will create a more positive, present, and engaged workforce.
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